Low Doc 80% LVR
Low doc loans at 80% LVR are found with a variety of lenders in Australia. When borrowing using a low doc loan 80% LVR, one either needs to come up with a 20% deposit by way of cash or savings contribution, or provide 20% equity from another source like a property.
Lenders who offer low doc 80% LVR home loans
There are many lenders who will offer low doc 80% LVR home loans. Different lenders who offer low doc 80% LVR loans will have policies or criteria. These lenders can be any of the following types of lenders:
- Large bank
- Regional bank
- International bank
- Non bank lender
- Mortgage Manager
- Credit Union
- Building Society
- Finance company
- Private lender
- Non Conforming lender
What can a low doc 80% LVR loan be used to purchase?
You can get a low doc 80% LVR home loan for most loan purposes a borrower would seek. These include the following;
Loan types for low doc 80% LVR
With a low doc 80% LVR loan, you could borrow using almost any loan product type available. These loan products you could get can include any of the following:
- Standard Variable
- 100% Offset Loan
- Professional Package Loan
- Fixed Interest Home Loan
- Basic Home Loan
- Line of credit loan
- Construction Home Loan
- Bad Credit Home loan
Assessment methods for 80% LVR low doc loan
You could get an 80% LVR low doc loan using all types of supporting assessment methods. Different lenders will apply different assessment methods depending on their policy. These assessments methods include:
Borrowing names for Low Doc 80% LVR?
The lenders who accept low doc 80% LVR vary in the name they will allow you to borrow at this LVR. Depending on the lender, you may borrow in any of the following names:
- Loan in personal name
- Loan in company name
- Loan in name of Trust
- Business name
The costs associated with a low doc 80% LVR home loan differs between lenders. However, it is possible to get a low doc loan at 80% LVR priced exactly the same as a normal full doc loan. Hence you will be able to get professional package pricing for a low doc 80% LVR home loan.
The cost of LMI (lenders mortgage insurance) for an 80% LVR low doc home loan differs between lenders as different LMI rate cards apply. As an example, the costs between LMI at 80% LVR on a low doc loan can be half the cost of what it is between 2 different major banks.
There are also some lenders who will not charge LMI on a low doc 80% LVR home loan. These lenders would generally charge a risk fee instead and possibly even a higher than normal rate. These lenders can be useful to avoid a mortgage insurer that does not want to underwrite a particular loan. It is best to speak to a Mortgage Providers consultant to get an detailed explanation of this and an overview of different lenders and their pricing mechanisms.
You can borrow over 80% LVR with a low doc loan with a very small number of lenders. The maximum you will be able to borrow in this case will be an 85% LVR low doc loan. Please see our web page regarding low doc 85% LVR.
There are some lenders who will do your loan as a low doc 80%LVR with bad credit. Most of these lenders will be non conforming lenders or bad credit lenders. To get an understanding of this, please call Mortgage Providers direct to speak to a bad credit home loan specialist.
When borrowing using a low doc 80% LVR home loan, one does not need to supply his/her financial statements for the previous financial year. This allows a borrower to obtain finance with little proof of income than what is required for a normal type of loan. This method also allows you to obtain finance if your financials are too complicated to be considered for a normal full doc loan. Best of all, there are quite a few lenders who will price this type of loan as a normal home loan.
When considering which type of low doc loan you should seek, a Mortgage Providers broker will show you the difference between low doc 80% LVR lenders. Our Mortgage Brokers can help you choose the best and most cost effective loan from the lender who will consider your position best. Please call us today, you will be glad you did.